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Regionalism or Multilateralism? A+L3787 Political Economy Choice

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  • Giorgia Albertin

Abstract

This paper provides a political economy analysis of the incentives underpinning a country''s decision to enter a regional trade agreement when a multilateral free trade agreement is available, and of how entering a regional trade agreement affects the incentives to pursue multilateral trade liberalization. Taking into account the influence exerted by organized interest groups in the formation of trade agreements, we derive a formal condition under which a regional trade agreement is preferred to a multilateral one. Furthermore, we show that a country''s decision to enter a regional trade agreement unambiguously undermines the incentives towards multilateral trade liberalization.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/65.

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Length: 26
Date of creation: 01 Mar 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/65

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  14. Ornelas, Emanuel, 2005. "Trade creating free trade areas and the undermining of multilateralism," European Economic Review, Elsevier, Elsevier, vol. 49(7), pages 1717-1735, October.
  15. Pravin Krishna, . "Regionalism and Multilaterialism: A Political Economy Approach," Working Papers 96-5, Brown University, Department of Economics.
  16. Desruelle, Dominique & Richardson, Martin, 1997. "Fortress Europe: Jericho or Chateau d'If?," Review of International Economics, Wiley Blackwell, Wiley Blackwell, vol. 5(1), pages 32-46, February.
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